Mr. Walter Coles reports

VIRGINIA ENERGY ANNOUNCES APPOINTMENT OF JOSEPH MULLIN AS PRESIDENT

Virginia Energy Resources Inc. has appointed Joseph Mullin as president of the company.

Mr. Mullin was most recently the chief executive officer and director of QuestEx Gold & Copper, prior to its sale. He has over 20 years of experience in resource investing, corporate finance and private equity. Mr. Mullin began his career as a financial analyst in investment banking at Goldman Sachs, and subsequently worked at Invesco Ltd. and Millennium Global Investments Ltd. He is currently a partner and director of Mount Arvon Partners LLC and serves as an independent director of Pure Energy Minerals Ltd. and FireFox Gold Corp. Mr. Mullin has a BA from Harvard University.

"Virginia Energy is very pleased to welcome Mr. Mullin as its president. Joe's background with resource companies and in particular his experience with mergers and acquisitions are strong assets which will boost the Virginia Energy team as we chart our course," stated Walter Coles Sr., CEO of Virginia Energy.

Subject to regulatory and shareholder approval, the company has granted Mr. Mullin 500,000 restricted stock units (RSUs) vesting either after two years, or on a change of control (CoC) transaction.

About Virginia Energy Resources Inc.

Virginia Energy Resources is a uranium development and exploration company. The company holds a 100-per-cent controlling interest in the advanced-stage Coles Hill uranium project located in south-central Virginia, United States.

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